Long-Run and Short-Run in Economics

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MesmerizingAmber
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5 Questions

Explain the concept of the long-run in economics and how it differs from the short-run.

What did Alfred Marshall's work Principles of Economics contribute to the differentiation between long-run and short-run economic models?

How did the differentiation between long-run and short-run economic models come into practice in economics?

What are the characteristics of the long-run in microeconomics?

Define the long-run and short-run in economics.

Description

Test your knowledge of the theoretical concept of the long-run in economics, where all markets are in equilibrium, and compare it to the short-run with some constraints and markets not fully in equilibrium. Explore the absence of fixed factors of production in the long-run and the freedom to adjust output levels.

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